A development incentive aimed at helping East Peoria pursue growth along the Illinois River is now formally in place.
“This sets the stage for future development; [I] can't wrap it up any other way to say, but [I’m] super excited to see this thing moving forward,” said Mayor John Kahl as the City Council on Tuesday unanimously approved a package of three ordinances establishing the Riverfront Tax Increment Financing [TIF] District.
The Riverfront TIF covers along the northwestern stretch of Illinois Route 116, running roughly from Interstate 74 to Access Road 4 and stopping short of a mini-storage business opposite Highview Road.
The three TIF-related ordinances approved an eligibility study and redevelopment plan, designated the project area, and formally adopted the district.
“I feel like it was 2008-2009, we were looking at what we called then ‘the 2010 project,’ which is the Levee District. I remember talking with [former city attorney] Dennis Triggs, and obviously at that moment, money was starting to get tight, just the economy was not the best at that time. But he talked about the future, talked about how bright it was if we just stay the course,” said Commissioner Dan Decker.
“But this is the area that he talked about – quote, unquote – ‘next.’ And once we worked through down here, then we look at north of I-74. It's just so great to see – those that know Dennis, he had tremendous vision and he has done a many great things for our community. But even back then, he was able to see that that was the next thing we would go for to make our community better, and I'm just so happy that we're here.”
TIFs are development tools used by local governments to incentivize improvements in a specific area. The TIF locks in the property value for at least 23 years, and increased tax value generated during that time can be redirected to further projects in the district.
Kahl highlighted the benefits of the Riverfront TIF during his State of the City address last week.
“This city, with its visionary leadership, goes back decades on what it hoped to have developed out,” he said during his presentation Friday. “The Levee District is almost complete; we’ve got the [new] Hampton Inn going up on the riverfront [next to Granite City]. We've got The Putt Club now added with Bass Pro [Shops] and Holiday Inn Express.
“I remember I was at a working session that showed future development along this corridor where this TIF is at, and it was designed to bring down some type of main road and connect 116 across Farm Creek into that new development that was planned for where Bass Pro is at. So all we're doing is delivering on something that's been in the works for a long time. And when you look at this corridor, there hasn't been a lot of redevelopment in 30 years.”
The Riverfront TIF joins three other East Peoria TIF districts: Camp Street, the West Washington Street TIF encompassing the Levee District, and EastPort Marina.
The location of the Riverfront TIF includes the Par-A-Dice Hotel Casino property, as well as the former Burger Barge restaurant and the United Facilities warehouse space.
During his speech, Kahl touted other growth and development throughout the city. Of note, he touched on preliminary plans for a Central Street Crossing district on city-owned property between CEFCU and Costco.
“We'll have mixed-use going down both sides of the street there, Center Street,” said Kahl. “It'll include some residential units, commercial units, another parking garage is planned for that space. But more importantly, it's more of an entertainment district, multi-functional, where we can close down that stretch of roadway and host community events.”
Kahl said it’s a concept that dates back about six years. He said optimistically the project could move forward later this year.
“I can’t say a lot about it, but our discussions with the two developers that have expressed strong interest, and they're ready to move forward. So we laid out our vision to them [and] they jumped on it,” he said.
Kahl noted the 501 Blutowne project next to city hall is getting closer to completion, identifying Brienzo’s Pizza as one of the restaurants planning to move into the ground-floor retail space.
He also touted the arrival of several new businesses in East Peoria, with Best Buy and Boot Barn slated to open in the Levee District, and Five Below being built next to Kohl's – and the announcement of a new Prairie Farms Dairy facility along Pinecrest Road.
“They reached out to the city and said that they were interested in building a new facility on this side of the river,” said Kahl. “And just like the city always does, whether it's them or a mom-and-pop [or] a large company, it doesn't matter to us. We have a very pro-business attitude here.”
During his speech, he also highlighted construction of the new police station, continuing upgrades at EastSide Centre, installation of new way-finding signage with the city’s updated logo and branding, and ongoing development of Levee Park – including a new gateway that will feature operational bells preserved from the dismantled bell tower at the Four Corners.
